Average Cost of Living in El Paso, TX
For a family of four, the average monthly cost of living, excluding rent, is $2,652.06 and $775.50 for a single person.
Average Cost of a Home in El Paso, TX
The median home cost in El Paso, TX, is $159,732, below the national average.
El Paso Statistics
If you're interested in El Paso rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common El Paso statistics compared to the U.S. national average.
|El Paso Averages||National Averages|
|One-Way Commute||22.7 minutes||27.1 minutes|
|Income Tax Rate||No income tax||4.6%|
|Air Quality||AQI 40||AQI 40|
|Water Quality||High Chromium||Safe|
|Median Household Income||$42,037||$79,900|
|Median Property Taxes||$2,670||$2,471|
|Median Home Cost||$159,731||$295,300|
|Median Home Age||37 years||37 years|
El Paso is just beginning to see increases in the housing market, starting with home values which have seen a 1.9 percent increase over last year. The options there are expanding -- and there's a good chance homeseekers will find rental apartments and houses, or homes for purchase. El Paso certainly wasn't immune to the recession, but its large number of homeowners and limited vacancy rates means demand is higher than available properties, ensuring continued growth and rising values. The ownership rate is 57.8 percent, with renters making up 39.5 percent, leaving approximately 2.5 percent of properties unoccupied. The apartment vacancy rate was a little better, averaging 3.2 percent across all neighborhoods within El Paso, but that's still far lower than the nation's average. The sales prices of homes are also steadily inclining, with a median price of $128,453 over the last 12 months, which is an increase of 5 percent over the previous 12 months. Additionally, the average home price was $161,500, an improvement over previous numbers, and yet still very affordable for most Americans. El Paso enjoys a lower than average cost of living, including low housing costs that entice buyers from around the country.
El Paso is a huge city with over 672,000 people residing in it, which means a lot of people need access to a variety of shopping options, both for essentials and for luxury items. One of the most popular places to visit for retail therapy is Cielo Vista Mall, which is found off the I-10 past Fort Bliss. It caters to families, individuals and military personnel who need some time to scoop up the latest fashions and enjoy some down time. Budget shoppers hoping to score a great deal on factory stock particularly adore the Outlet Shoppes on Desert Road. Further inland is the NorthPark Shopping Center, and there are other malls on the western edge of the city.
Local Events and Festivals
El Paso prides itself on its community events and unique festivals that run throughout the year. Just a few of the regular festivals include Fiesta de las Flores, which is held over Labor Day Weekend and emphasizes Hispanic heritage. KLAQ Balloon Fest is a three-day celebration of hot air ballooning, where the sky fills with balloons. Finally, Music under the Stars is a summer-long concert series of live music that sees up to 60,000 attendees. There are several more annual festivals along with regularly changing events that appeal to residents and visitors from all over the state.
El Paso is home to several neighborhoods that are known for their historic nature, recreational amenities and beautiful homes. Each one has something unique to offer. If you're looking for a rental or a house to buy in El Paso, check out more about the neighborhoods below.